Save Article

Europe Taxes the World

Even Obama opposes the latest financial transactions levy.

Updated Feb. 18, 2013 12:01 a.m. ET

Stop the digital printing presses. The Obama Administration has found another tax it doesn't like—too bad this one is also in Europe. U.S. opposition helped to sink the EU's airline carbon tax last year, and this week the Treasury came out against the new tax on financial transactions by 11 EU nations.

Europe has been toying with this tax for years, both to punish "irresponsible" financial trading and as another source of revenue for creaky welfare states. This week's version proposes to raise €30 billion to €35...